जय श्री कृष्ण 🙏🦚 शुभ जन्माष्टमी!

First set of dealer partners go live today! Working with them has made me so confident that our customers will now have the best of both worlds - the best product and the best retail, service experience. Many more dealer stores are in construction, opening this month and next!

First set of dealer stores going live on Janmashtami!

Technology lowers costs permanently🔋🔋 All else is temporary.

So happy to have celebrated Rakhi with my Sister in person after so many years ❤️

S1Z will be the first new product that goes into our dealership network. The first batch of dealer stores going live on Janmashtami!

As India's electrification ramps, today we’re setting a new benchmark for the industry. More than just a metal body with a fancy name😉 Introducing S1Z! 46160 LFP Bharat Cell. 301 km IDC range. Intro price of ₹79,999! Book here: book.olaelectric.com/ Deliveries in Dec. The industry has always treated affordable scooters as stripped-down products: less range, less technology, more compromise. We’ve done the opposite. We built the cell, motor, vehicle, software, every critical component inhouse. And we’re passing that tech advantage to the Indian customer. The new benchmark is here⚡

Kicking off our LFP era! 🔋 Something big drops tomorrow morning, stay tuned 👀

This will be massive for our cell business! Till this extension, we weren’t expecting any incentives in this scheme. But now we are ahead of schedule and will aim to max it! This Cell PLI is a visionary scheme and thank you to govt for extending the timelines. More on Aug 15th!

Getting ready for sharing a lot of exciting products on 15th Aug! We briefly mentioned about releasing more details on Mahashakti on 15th Aug. There is a lot more to share about Ola Energy and the products we have in the pipeline and some exciting launches! This year we will not be holding a physical event but will be an online announcement. Stay tuned!

There’s something a lot of people have been asking us to do since the day we announced our first products 5 years ago! Taking that decision today. We’re opening our sales and service network to dealer partners across India today. We started with our own stores to build EV awareness, establish the brand and created India’s largest EV 2W customer base of more than 10 lakh! Auto retail has a lot of local nuances and as the industry has matured and EV acceptance has risen, we are now evolving our approach. Now over next few months, we will evolve our company stores to focus on brand and product experience, while dealer partners will become the backbone of local sales, service and scale. We have spent the last month engaging with dealers across the country and the feedback is unambiguous: Ola’s product leadership, combined with their local execution, can significantly accelerate both our sales and EV adoption. Their level of interest and energy to partner has been very exciting for us! For partners, the opportunity is powerful - strong brand pull, a large recurring service opportunity from India’s largest EV 2W installed base, and a portfolio spanning scooters, motorcycles and our energy products like Shakti and other upcoming ones. Our model has been designed for strong dealer economics and returns. Given the level of interest, we expect meaningful on-ground scale in time for the Diwali rush! BVR Subbu, former President of Hyundai India and earlier a member of our Board and someone who is a mentor to me, will rejoin as senior advisor and help our team execute this vision. Learn more here and apply at olaelectric.com/partner-with….

Got on the vibe coding bandwagon and built a bunch of AI agents this week for @OlaElectric. Wow! So many layers get built between the actual doers and the founder as the company scales. Agents will take away all middlemen in a company who are only “managing people” and not doing any problem solving! And the people actually building will be even more valuable 🫡

Our Made in India LFP cells making steady progress! LFP is critical for energy storage.

Factory weekend! Auto factory in foreground and Gigafactory in background! 🛵🏍️🔋

With the fuel price rise, seeing a lot of demand for our EVs from the gig ecosystem. They need EVs the most as their daily run and fuel cost is the highest.

Released our Q4 FY26 Shareholders’ Letter here: bit.ly/3RxJRoU FY26 volumes were lower than where we want them to be, but FY26 was also the year in which the fundamentals of the company became much stronger. We exited the year with industry-leading gross margins, a much lower cost base, sharply better service metrics, improving product quality, our first operating cash-flow positive quarter, and a Gigafactory now entering scale-up. This comes at a time when India’s energy-security moment is here. The next few years will be defined by two shifts happening together: mobility moving from ICE to EV, and energy moving from imported fuels to locally made batteries. Ola is building across both — electric mobility, cell manufacturing and energy storage — on one integrated platform. In Q4, consolidated gross margin reached 38.5%, up from 34.3% in Q3 and 13.7% last year. This is now an industry-leading margin profile, ahead of most 2W OEMs including ICE incumbents. It reflects our structural advantages: vertical integration, Gen 3 maturity, pricing architecture and downstream control. Q4 was also our first operating cash-flow positive quarter. Consolidated CFO was ₹91 crore. Auto delivered ₹213 crore CFO and ₹173 crore FCF. Ola is now moving from heavy build-out to disciplined scale-up. We have reset the cost base. Consolidated opex reduced from ₹844 crore in Q4 FY25 to ₹428 crore in Q4 FY26, with a path towards ₹350 crore per quarter over the next couple of quarters. Execution has improved meaningfully. Service TAT is down 88%, same-day closures are at ~87%, parts pendency is down 69%, and Gen 3 warranty cost is 70% lower than Gen 2. As execution improved, sales have started responding. April registrations were up 20% MoM while the broader E2W industry declined more than 22%. We are working towards rebuilding national market share to 15–20% over the next six months. For Q1 FY27, we expect 40,000–45,000 orders and consolidated revenue of ₹500–550 crore, nearly double Q4 levels. As volumes recover, we expect the auto business to move towards Adjusted Operating EBITDA and free cash flow positivity through FY27. Roadster is becoming our second growth engine. Motorcycles are India’s largest 2W category and EV penetration remains very low. Ola now has 50% market share in electric motorcycles, and bikes contributed 15% of April gross orders. With up to 9.1 kWh battery and 500+ km certified range, Roadster is built for range, performance and reliability. The Gigafactory is entering the scale phase. We have 2.5 GWh operational capacity. Installation to 6 GWh is largely complete, with commercialisation to be completed by the end of this quarter. Our 4680 Bharat Cell is already commercialised and deployed in vehicles. Around 15% of orders are already from products using our own cells, and we plan to transition the full vehicle portfolio to own cells by September 2026. The same battery platform opens the next large opportunity: energy storage. Shakti is entering the market with 50k+ customer leads and strong B2B interest across telecom, petrol pumps, retail, dark stores and commercial backup. Mahashakti is being developed for C&I and utility-scale storage. Ola is positioned across the two most important pillars of India’s energy future: electric mobility and batteries. Vehicles create captive demand for the Gigafactory. Cells improve our vehicles through range, cost and supply-chain control. The same platform opens energy storage through Shakti and Mahashakti. The heavy build phase is behind us. The next phase is disciplined scale. FY27 is about recovering volumes, sustaining service consistency, holding margin leadership, reducing opex, ramping the Gigafactory, and scaling Shakti and Mahashakti.

I love this edition!